State Attorney General Andrew Cuomo charged J. Ezra Merkin today with civil fraud, alleging that he “betrayed” hundreds of investors by funneling a staggering $2.4 billion of clients’ money into Bernie Madoff’s $64 billion Ponzi scheme without their knowledge.

In a 54-page complaint filed in Manhattan Supreme Court, Cuomo alleged that investors – including charities and non-profits – entrusted their investments to Merkin, who then steered the cash to Madoff without their permission in exchange for $470 million in incentive fees.

“Merkin profited enormously from Madoff’s scheme, reaping huge commissions while investors lost all their money,” said Cuomo. “Merkin duped individual investors, non-profits and charities into believing he was responsibly managing their investments, when in actuality he was dumping them into history’s largest Ponzi scheme.”

The complaint also charged that Merkin ignored irregularities and other red flags related to Madoff’s investments. As a result, hundreds of investors lost millions.

Cuomo’s lawsuit seeks payment of damages by Merkin.

The complaint also charged that Merkin was not the “investing guru” he claimed to be but instead just a “master marketer.”